A credit policy approach in a two-warehouse inventory model for deteriorating items with price- and stock-dependent demand under partial backlogging

Journal of Industrial Engineering International

دوره 16، شماره 1، خرداد 2020، صفحه 147-170   

نویسندگان

Gobinda Chandra Panda¹؛ Md. Al-Amin Khan²؛ Ali Akbar Shaikh^{* 3}

¹Department of Mathematics, Mahavir Institute of Engineering and Technology, BBSR, Paniora, India

²Department of Mathematics, Jahangirnagar University, Savar, Dhaka, 1342, Bangladesh

³Department of Mathematics, The University of Burdwan, Burdwan, 713104, India

چکیده

Advertisement of the product is an important factor in inventory analysis. Also, price and stock have an important role to attract more customers in the competitive business situations. Trade credit policy is another important role in inventory analysis. We have combined these three factors together in a two-warehouse inventory model and represented it mathematically. In addition, we have added deteriorating factor of our proposed problem with price- and stock-dependent demand under partial backlogged shortage and solved. The frequency of advertisement is considered constant for a year in this paper. The proposed model is highly nonlinear in nature. Due to highly nonlinearity, we could not find the closed form solution. In this paper, trade credit facility is taken in the perspective of retailer, and all the possible cases and subcases of the model are discussed and solved using lingo 10.0 software. The results of sensitivity analysis prove the effectiveness of the proposed model.

کلیدواژه‌ها

EOQ model . Deterioration . Trade credit . Price؛ and stock؛ dependent demand . Partial backlogged shortages

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